At age 20, to save for retirement, Rebecca decides to deposit 80$ at the end of each month in an IRA that pays 6.2% compounde

Question

3 years ago

6

At age 20, to save for retirement, Rebecca decides to deposit 80$ at the end of each month in an IRA that pays 6.2% compounde

d monthly. Use the formula for the value of an annuity.
A=P[(1+r/n)^nt-1]/(r/n)

How much money will be in the IRA when Rebecca retires?

How much interest will the IRA have gained?

Mathematics

1 answer:

artcher [175] · Answer 1 · 2022-12-01T16:39:34+03:00

artcher [175]3 years ago

7 0

Answer:

159319.26 I Don't know the interest

At age ​20, to save for​ retirement, Rebecca decides to deposit 80​$ at the end of each month in an IRA that pays 6.2% compounde

At age 20, to save for retirement, Rebecca decides to deposit 80$ at the end of each month in an IRA that pays 6.2% compounde